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Other People's Money: The Corporate Mugging of America Paperback – August 1, 2006

3.8 out of 5 stars 13 customer reviews

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Editorial Reviews

Review

"The most revealing description yet of what it is like to work for the mighty Goldman Sachs." —The Economist

"Exceedingly well-documented [and] fascinating." —Library Journal

"A giddy romp through the old-boy networks and unending power plays of Wall Street, Corporate America, and Capitol Hill." —Barron’s

About the Author

Nomi Prins has worked at Goldman Sachs, Bear Stearns, Lehman Brothers, and Chase. She has written for the New York Times, Newsday, Fortune, and The Guardian and appeared on numerous international media programs. She is a senior fellow with the public policy center Demos and lives in New York City.
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Product Details

  • Paperback: 342 pages
  • Publisher: The New Press; Reprint edition (August 1, 2006)
  • Language: English
  • ISBN-10: 1595580638
  • ISBN-13: 978-1595580634
  • Product Dimensions: 1 x 5.5 x 8.2 inches
  • Shipping Weight: 15.2 ounces
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (13 customer reviews)
  • Amazon Best Sellers Rank: #1,197,801 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By J. Ludwig on September 28, 2004
Format: Hardcover
Other People's Money is a suspenseful, smart, compulsively readable account of the outrageous deceptions and monumental malfeasance of a number of high-flying corporations and the ego-driven executives who brought them to ruin ... along with the pensions, jobs and lives of thousands of American workers. Scarier still, the author convincingly argues that the reforms designed to prevent a recurrence of these scandalous doings are hopelessly inadequate to the task.

Written by a Wall Street insider (who happens to be -- surprise! surprise! -- a terrific writer), this gripping book teases apart the tangled relationships among corporations, Wall Street and government regulators. Despite the fact that it's exceedingly thorough and well documented, the book is never dull or dry. The author's passion and wit come through on every page.

Other People's Money is a "must-read" book ... and the sooner the better. It should absolutely be read by November 2!
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Format: Paperback Verified Purchase
First of all, this book is extremely well-written, easy to follow and learn from.

Second, your politics shouldn't make any difference. Although the author is a "progressive" or liberal, her journalism is immaculate, and I say this as a part-time, free-lance editor. I can substantiate her references on Enron from the likes of Kurt Eichenwald, "Conspiracy of Fools." I also reviewed this book. All I can say about any political message, referring to other reviewers, is that if you don't see the value of this book then you're probably part of the runaway corruption rotting away at America. Just go away -- please!

Ms. Prins can speak volumes of her experience at Goldman Sachs. And, what she has to say should be heard. She reviews of the unraveling of Glass-Steagall and other protections, the greed and corruption of corporations and banking --- and mind you, that was back in 2004:

"Gary Winnick of Global Crossing said he'd give back $25 million to help his workers, who lost $275 million and of whom 9,000 were laid off."

"In the real world, when someone steals a TV, returning the antennae doesn't get him off the hook, but in the world of corporate executive cash-outs, it seems as if an expression of remorse on the Senate floor is all it takes."

The author, if she has an agenda, it is for regulation improvements that have a possibility of curbing the corruption:

"Corporations need independent boards of directors --- ones with no intertwined client relationships, no ex-government officials on boards of companies that directly benefit from their legislation. Corporate boards should include public seats as well as consumer groups." (Why not, our 401Ks pay for the lavish benefits to these corporate officials?)
Ms.
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Format: Hardcover
What great journalism is supposed to do, challenge the powerful and succinctly, clear lay out complex issues to explain the motivations at their core. This book is essential reading for anyone who wants to see how the free market system has been overrun by charlatans and criminals whose hands were held by government and who all the while claimed to be its champions.
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This is a good skewering of the financial world from a woman who was a part of it (Prins is a former director at legendary Goldman Sachs, and, last time I checked, now works for a progressive think tank). My politics aren't nearly as economically left wing as Prins. I tend to think high finance is generally a good thing, but now, especially with the implosion of the of the housing market, takign a hard look at the way this money is made is important.

In this book, Prins focuses on what happened after the deregulation of the energy markets, and how that helped people like Enron do the nasty things they did. The book is a little simplistic in its rendering of good guys and bad guys, but at the end of the day, it is nice to see a left wing critque of wall street done in such a smart way.
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Format: Hardcover Verified Purchase
For those interested in how the "real" world of finance works, this is a good source; well written and informative. It might make an idealistic individual a bit depressed but a good dose of reality is overall very healthy.
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Format: Kindle Edition Verified Purchase
Amazing write up on the intricacies of corporations and the complex nature of the stock market.This gives an idea of the twilight zone nature of the market.
Question?How do we deal with this.
All involved have something to gain.
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Format: Hardcover
Nomi Prins is the meteorologist of the Market Crash of 2002. She analyzes the "perfect storm" created by deregulation in banking, energy and telecom markets; combined with the manipulation of political power, and the avarice and greed of key executives in these industries.

Want to know whose money? OURS!
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